31 Aug 2020
The Commissioner of Inland Revenue v Tower City Holdings Ltd [2020] NZHC 2240
- Citation
- [2020] NZHC 2240
- Court
- High Court
The Court found on the balance of probabilities that Tower persistently and seriously failed to keep adequate accounting records as required by s194 (no ledgers or proper records, inconsistent financials, inability to reconstruct position), and the interim liquidators' investigations supported likely insolvency; those findings satisfied s241(4)(b) (and s241(4)(a) alternative) and justified a liquidation order and appointment of liquidators.